SNC-Lavalin takes Atkins reins
£2.1bn deal expected to formally close in the third quarter of 2017
UK engineering company Atkins has agreed to a £2.1bn takeover by Canadian outfit SNC-Lavalin.
The Canadian construction and engineering outfit will pay 2080p in cash for each Atkins share, which represents a premium of between 35% and 44%.
The transaction is expected to close in the third quarter of the year, the companies said.
Atkins is active in industries including offshore wind.
“We are very pleased to announce this proposed acquisition that is fully aligned with our growth strategy, creating a global fully integrated professional services and project management company – including capital investment, consulting, design, engineering, construction, sustaining capital and operations and maintenance,” SNC-Lavalin chief executive Neil Bruce said.
“By combining two highly complementary businesses, we will increase our depth and breadth of services to position us as a premier partner to public and private sector clients.”
Atkins chairman Allan Cook added: “The Board of Atkins believes that a combination will provide clear benefits to our shareholders, enhanced opportunities for our employees as part of a larger group, and a broader service offering for our customers.”
Image: the Atkins resume includes work on the Dounreay Tri project off Scotland (Hexicon)